Mortgage Grapevine: Rushmore is buying another origination platform, a sign that mortgage M&A could be on the rise again. Meanwhile, Fannie Mae is offering buyout packages to a select group of employees.
The use of automated valuation models is set to increase, prompting concerns and some optimism among industry participants. The Dodd-Frank Act directed federal regulators to address the use of AVMs but that hasn't happened yet.
Grapevine: A few days ahead of a scheduled bankruptcy auction, New Residential Investment Corp. has swooped in and made a "stalking horse" bid. Meanwhile, a big promotion at Fannie Mae and a record month for Guaranteed Rate.
The company agreed to pay $32.5 million in damages to settle False Claims Act allegations tied to FHA underwriting. it admitted no wrongdoing while agreeing to stay in the program.
Nonprime lender Deephaven Mortgage soon will have a new owner: Investment fund manager Pretium Partners, the brainchild of former Goldman Sachs executive Don Mullen. Last fall Pretium agreed to acquire specialty servicer Selene Finance. It's scouring for other deals as well.
It's no secret that Ginnie Mae officials are losing sleep over nonbanks dominating the government MBS market. With liquidity a primary concern, the agency is ready to consider "non-traditional" investors in its MSRs. But there's a catch: They may have to commit as much as $1 billion.
It may be the industry's best-kept secret: The Consumer Financial Protection Bureau is actively pursuing fair lending cases, according to compliance experts speaking at an ABA conference this week. Whether any charges will be filed is a different matter.
Home-equity lending fell 15% in the first quarter of 2019 as the total supply of HEL debt outstanding continued to shrink. Heavy cash-out refinancing was a factor.
The trade association has created a disclosure template that lenders can give borrowers who apply for adjustable-rate mortgages linked to the London benchmark rate. Industry participants are still trying to determine how existing ARMs linked to LIBOR should transition to a new index.
Some of the sharp drop in non-agency jumbo securitization resulted from higher loan limits, but volume was buoyed by a large pool of seasoned loans sold to Freddie Mac.
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